| Regarding 'Atal Pension Yojana', which of the following statements is/are correct? |
| 1. It is a minimum guaranteed pension scheme mainly targeted at unorganised sector workers. |
| 2. Only one member of a family can join the scheme. |
| 3. Same amount of pension is guaranteed for the spouse for life after subscriber's death. |
| Select the correct answer using the codes given below |
A) Only 1
B) 2 and 3
C) 1 and 3
D) 1, 2 and 3
Correct Answer: C
Solution :
Exp. [c] Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9th May, 2015 in Kolkata. Under the APY, the subscribers would receive the fixed pension of Rs.1000/ Rs.2000/ Rs.3000/ Rs.4000/ Rs.5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APV. Same amount of pension is guaranteed for the spouse for life after subscriber's death. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more. The benefit of fixed pension would be guaranteed by the Government.
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